2021 (9) TMI 899

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....DER This appeal at the instance of the assessee is directed against the CIT(A)'s order dated 11.03.2021. The relevant assessment year is 2017-2018. 2. The solitary issue that was argued was whether the CIT(A) was justified in confirming the disallowance of claim of deduction u/s 80P of the I.T.Act. 3. The brief facts of the case are as follows: The assessee is a co-operative society. For the a....

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....the first appellate authority. The CIT(A) confirmed the view taken by the Assessing Officer. The relevant finding of the CIT(A) reads as follow:- "Now, before me at the appellate stage, written submission has been made that the judgment of Hon'ble Supreme Court is not applicable here. The assessee has also stated that the erroneous treatment has been given to interest received from as associate ....

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....levant clauses of bye-laws, notices issued u/s 143(2), 142, show cause notice issued by the A.O., reply and written submissions made by the assessee before the A.O. and the CIT(A) and judicial pronouncements relied on. The learned AR submitted that the recent judgment of the Hon'ble Apex Court in the case of Mavilayi Service Cooperative Bank Ltd. & Ors. v. CIT & Anr. Reported in (2021) 431 ITR 1 (....

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....Act has to be construed in the light of the expression as contained in the respective State Co-operative Societies Act. The Hon'ble Apex Court held that if associate / nominal members are treated as members under the State Co-operative Societies Act, there is no violation of the provisions under the State Co-operative Societies Act, and therefore, the assessee would be entitled to the benefit of d....